Question

I just sold a vehicle for $5500. I have a business loan with $6000 left @ 13.5% interest. (Business closed 12/2013) I have $19500 in CC debt with various % rates. 17.5% is the lowest. Should I take the free cash & pay off the busniess loan or use it to pay down/off several CC balances?

All Responses

I think you can do the math as easily as we can. I'd recommend paying down (pay off in full when possible) the highest rate credit cards and work (maybe take a second job for a short time?) to get the rest of the debts paid in full. Keeping such a high level of credit card debt is really dangerous.

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